New Age Farm Inc (C:NF)
Shares Issued 105,573,317
Last Close 12/19/2016 $0.11
Tuesday December 20 2016 – News Release
Mr. Carman Parente reports
NEW AGE FARM SECURES PRIVATE EQUITY PARTNER FOR ITS SUMAS PROPERTY
New Age Farm Inc. has entered into an agreement with a private equity group which has agreed to purchase 50 per cent of the company’s Sumas property in exchange for loan and interest forgiveness amounting to $303,125. Under the terms of the agreement, the Sumas partner will take over responsibility for construction of the turnkey facility, and New Age Farm will receive a portion of the rental revenue on completion. In furtherance of the Sumas partner’s participation and financing, building permits have been issued for the construction of a state-of-the-art indoor production/processing facility which will house a Washington State Tier 3 licensee able to lease up to 30,000 square feet of I-502-compliant space.
About New Age Farm
Through its Washington State subsidiary, New Age Farm owns two properties, one located in Sumas, Wash., and the other in Oroville, Wash., where it offers fully built-out turnkey service operations to licensed I-502 tenant-growers who will lease the facilities for production and/or processing.
Through its wholly owned subsidiary, NHS Industries Ltd., New Age owns a 5.5-acre greenhouse facility in the Lower Mainland of British Columbia with a 48,000-square-foot greenhouse facility.